BELLEVUE, Wash., Nov. 20, 2014 /PRNewswire/ -- Concur, the world's leading provider of spend management solutions, today announced a new integration with Thomson Reuters cloud-based ONESOURCE™ Indirect Tax solution to maximize efficiency and savings for AP departments. Concur Invoice customers can now easily calculate tax amounts charged by their vendors while managing the entire tax lifecycle.
Concur customers utilizing ONESOURCE Indirect Tax can now execute tax determinations on vendor invoices quickly and securely via the cloud and benefit from monthly, automatic updates to tax rates and rules resulting in increased tax calculation accuracy. Through a cloud-to-cloud connection, customers are provided a more efficient and cost effective way to ensure compliance with corporate tax regulations.
Thomson Reuters tax experts maintain the broadest and deepest coverage of indirect tax data, supporting rates and rules for over 14,500 tax authorities in the U.S. This integration reviews each invoice and calculates tax that should have been charged by the vendor, posting the calculated amount back to Concur. With the proper setup in Concur Invoice System, invoices with a difference between the calculated tax amount and charged tax amount can be flagged as an exception, enabling customers to take preventative measures to resolve the tax issue.
"Thomson Reuters is long-known as a leading technology solution provider in the Tax and Accounting sector, and we are thrilled to see them integrate ONESOURCE Indirect Tax with Concur Invoice," said Phong Nguyen, SVP & GM of Concur Expense and Invoice. "This partnership demonstrates how the Concur platform solves complex spend management problems for our customers."
"Concur has been at the forefront of investing in APIs and partnerships to improve the efficiency of travel, expense and spend management processes," said Christine Dover, Research Director, Enterprise Applications and Digital Commerce for International Data Corporation. "By integrating ONESOURCE Indirect Tax into Concur Invoice, finance and accounting professionals will have a full set of tools to stay on top of tax, compliance, invoice and expense data."
"The integration of our cloud-based ONESOURCE Indirect Tax solution with Concur Invoice solves an enormous business problem," said Gary L. Allen, Vice President of Software Technology of Thomson Reuters. "In many instances corporations are either unaware or inaccurate in their vendor tax reporting and calculations, triggering questions or audits by tax authorities. Automating and calculating tax in the invoice process will significantly reduce errors, delivering time and cost savings for users."
To learn more, please visit ONESOURCE Indirect Tax details located in the Concur App Center.
Concur is the leading provider of spend management solutions and services in the world, helping companies of all sizes transform the way they manage spend so they can focus on what matters most. Through Concur's open platform, the entire travel and expense ecosystem of customers, suppliers, and developers can access and extend Concur's T&E cloud. Concur's systems adapt to individual employee preferences and scale to meet the needs of companies from small to large. Learn more at www.concur.com or the Concur blog.
April Moh, Grayling for Concur, [email protected]